London, UK, December 05, 2016 / B3C newswire / -- Pfizer Venture Investments (PVI) and TVM Life Science Ventures VII today announced that they are making an additional $12M investment in Ixchelsis Ltd, a start-up company based at Discovery Park, Sandwich, Kent, UK. This funding will enable Ixchelsis to fully fund their planned Phase 2b study of IX-01 in patients with severe lifelong premature ejaculation.
Ixchelsis Ltd had previously reported, in January 2016, that it had achieved positive clinical proof of concept (POC) for IX-01, its oral oxytocin receptor antagonist, in patients with lifelong premature ejaculation. IX-01 demonstrated significant efficacy together with a very benign safety and toleration profile in patients suffering from the most severe lifelong form of PE.
"Ixchelsis is delighted to have secured this additional funding that will enable us to continue the ongoing development of IX-01 through to the completion of our planned Ph2b study, which will start dosing early next year. This funding will also support our CMC and toxicology activities enabling rapid progression to Phase 3. We really appreciate and value the continued excellent collaboration and support from the TVM Capital Life Science team and Pfizer in helping us move IX-01 closer to treating patients with this common and distressing condition." said Gary Muirhead, CEO of Ixchelsis Ltd.
"We are very excited by the progress Ixchelsis has made with the development of IX-01 and we believe that it underpins the viability and success of our investment model. The Ixchelsis team progressed IX-01 to successful completion of proof of concept, 11 months ahead of schedule and considerably under the original budget. This additional investment further exemplifies our confidence in the asset, the market size of the PE indication and the excellence of this management team." said Luc Marengere, Ph.D., Managing Partner of TVM Capital Life Science based in Montreal and board member of Ixchelsis Ltd. He added, "Ixchelsis remains at the heart of TVM Life Science Ventures VII strategy. IX-01 addresses a significant unmet medical need for a sizeable proportion of the global adult male population and which can have a major impact on the quality of life for men and their partners."
Ixchelsis Ltd was the second investment for TVM Life Science Ventures VII, a venture capital fund domiciled in Montreal QC, which follows a new investment approach to developing pharmaceutical assets, in a capital efficient fashion in single asset companies.
Barbara Dalton, Ph.D., Vice President, PVI and board member of Ixchelsis Ltd said, "Pfizer Inc. is committed to scientific innovation in the U.K., and across the globe, collaborating in new and dynamic ways with other innovators across the healthcare landscape. Pfizer Venture Investments is pleased to support the external development of 1X-01, originally discovered at the Pfizer Sandwich site in the U.K. It's great to see that our efforts have helped 1X-01 to advance through exploratory development and into Phase 2b dosing ranging. Our additional investment demonstrates our confidence in the Ixchelsis team and in the ongoing development of 1X-01."
About Pfizer Venture Investments
Pfizer Venture Investments (PVI), the venture capital arm of Pfizer Inc., was founded in 2004 and invests for return in areas of current or future strategic interest to Pfizer. As part of the Worldwide Business Development division, PVI seeks to remain at the forefront of life science advances, looking to identify and invest in emerging companies that are developing compounds and technologies that have the potential to enhance Pfizer's pipeline and shape the future of our industry.
About TVM Capital Life Science
TVM Capital Life Science is providing venture capital to the international pharmaceutical, biopharmaceutical and medical technology industries with more than 30-years of transatlantic investment track record and in excess of US$1.4bn raised and under management. With its advisory, corporate finance and investment teams located in Montreal, Munich and Hong Kong, the TVM Capital Life Science team provides investors as well as entrepreneurs and innovation-seeking biopharmaceutical companies' access to global life science innovation and provides paths for successful tech transfer and commercialization for the benefit of patients and investors alike. The TVM Capital Life Science international team looks back on more than 130 investments and over 90 exits, including more than 45 initial public offerings on all major U.S. and European stock exchanges and has gained unrivalled international investment experience with their track record of dedicated board work, extensive global networks in the world of life science research and product development and a direct knowledge of the local markets.
This press release contains forward-looking statements about TVM Life Science Ventures VII and Lilly's investment in a clinical stage compound for a male sexual health indication being developed by Ixchelsis, Ltd. It reflects Lilly's and TVM Capital Life Science's current beliefs; however, as with any such undertaking, there are substantial risks and uncertainties in the process of drug development. There is no guarantee Lilly will realize the expected benefits of the transaction, that the product will receive regulatory approval, or if approved, would be commercially successful. For further discussion of these and other risks and uncertainties, please see Lilly's latest Forms 10-Q and 10-K filed with the U.S. Securities and Exchange Commission. The companies undertake no duty to update forward-looking statements.
About Ixchelsis Ltd
Ixchelsis Ltd is a clinical-stage biotechnology company developing an oxytocin receptor antagonist (IX-01) for the treatment of premature ejaculation (PE). IX-01 is a clinical stage asset that has the potential to be the best in class pharmacological approach for the treatment of PE. To date IX-01 has completed a Phase 1 single ascending dose study, multiple ascending dose studies and relative bioavailability studies in healthy male volunteers. IX-01 has successfully completed the clinical proof of concept study in patients with severe lifelong PE and is currently being progressed through to a phase II B patient study. Ixchelsis is funded by TVM Life Sciences Ventures VII and is led by an excellent Management team with extensive experience in pharmaceutical R&D, particularly in the male sexual health therapeutic area.
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